Taking Care of Financial Reporting

Computers & Technology

  • Author Zac Jacobsen
  • Published February 28, 2019
  • Word count 409

Universities are educational institutions, but they function much like any corporation or business. Consequently, a university’s overall wellbeing is primarily determined by its financial health. Decisions like whether or not to build a new lecture hall or to cut funding from a particular student service are largely dependent on financial reports. As such, it’s essential for universities to track and report their finances. Funny enough, financial reporting is itself an expensive process. Synoptix Software helps universities save money on their financial reporting by making it quicker, more efficient, and more accurate.

Traditional financial reporting is done by looking at numbers in one location and manually typing them into a spreadsheet. In many cases, it’s not just one spreadsheet but a host of worksheets that are linked together. In order for the numbers in those spreadsheets to mean anything, a myriad of formulas must be written to produce a few specific results. Those results then need to be transferred again into a presentable financial report. This financial reporting mess takes a small army of employees hours and weeks to complete.

One of the first things universities notice about Synoptix Software is that its efficiency saves significant amounts of time. Synoptix handles the mess of financial reporting on its own; requiring minimal monitoring from an actual person. By linking Synoptix to a university’s accounting systems and calendars, numbers are automatically collected and compiled as they’re generated. What’s more, prewritten formulas put all of the numbers into a useable financial report that’s as easily accessible as opening a web browser.

Looking back at the reporting nightmare described in the second paragraph, it’s evident that mistakes are easy to make, and they’re made often. Manually punching in numbers for hours on end doesn’t happen without some of those numbers being typed in incorrectly. One wrong number in a spreadsheet changes multiple numbers in the same spreadsheet plus any that linked. Error correction for such traditional financial reporting requires even more time and money.

Synoptix pays for itself, saving universities vast amounts of money by preventing and avoiding costly mistakes. Over 90% of financial spreadsheets contain errors; Synoptix eliminates more than 75% of those by simultaneously managing both the spreadsheet models and the data they contain. Fewer errors coupled with automatic data compilation and analyzation means universities save vast amounts of time creating their financial reports. With Synoptix, university financial reporting is done quickly and accurately.

https://www.synoptixsoftware.com/ will be the best resource for you to get financial reporting.

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